🚨🚨🚨 NOW 🚨🚨🚨

Sam Bankman-Fried guilty on all 7 counts in fraud trial

Sam Bankman-Fried defrauded his clients and lenders, a New York jury found following a five-week trial of the FTX founder and former CEO.

The jury reached the verdict on the one-year anniversary, coincidentally, of the CoinDesk scoop that brought down the former cryptocurrency magnate.

Bankman-Fried, 31, was arrested last December and tried on accusations of defrauding FTX investors and clients and Alameda Research lenders.

The once-prominent CEO of a cryptocurrency exchange pleaded not guilty to all charges and went to trial in early October, where federal prosecutors tried to portray him as someone who deliberately set out to steal his clients' funds (about $8,000). million) for your use. in a variety of purchases and investments, including real estate, sports sponsorships and venture investments.

His defense team argued that Bankman-Fried was an overworked businessman who made the mistake of assuming that the company funds he used belonged to those companies, and not to his clients or investors.